Acasti announces court dismissal of stockholder litigation

Laval, quÉbec, sept. 30, 2022 (globe newswire) -- acasti pharma inc. (“acasti” or the “company”) (nasdaq: acst and tsx-v: acst), a late-stage, specialty pharma company advancing three clinical stage drug candidates addressing rare and orphan diseases, announced today that a u.s. court has dismissed the remaining stockholder litigation filed in connection with the company's acquisition of grace therapeutics, inc. (“grace”) via merger in august 2021 (the “merger”). as previously disclosed, four stockholder lawsuits were filed against acasti and certain of its directors and officers in connection with the merger, claiming that the company's public disclosures relating to the merger misstated or omitted material information and violated section 14(a) of the u.s. securities exchange act of 1934. two of the four cases were voluntarily dismissed. the remaining two cases were consolidated before judge katherine polk failla in the united states district court for the southern district of new york. acasti and the individual defendants filed a motion to dismiss on february 25, 2022. in a 45-page opinion released earlier today, judge failla granted the motion to dismiss in its entirety, finding that the consolidated complaint failed to allege any facts showing that acasti made a materially misleading statement or material omission in its merger-related disclosures. accordingly, subject to any appeal that may be taken in response to today's ruling, all four stockholder suits filed in connection with the merger have now been dismissed.
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